STRATEGIC PRIORITY: Economic Development
AGENDA DATE: February 22, 2023
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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A resolution accepting the FY 2021-2022 Annual Report on the status of Tax Increment Financing Reinvestment Zone Number Thirteen (Grand Park South TIF District or District), and authorizing the City Manager to submit the annual report to the Chief Executive Officer of each taxing jurisdiction that levies taxes on real property in the District, and to the State Comptroller, as required by state law - Financing: No cost consideration to the City
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BACKGROUND
During FY 2021-2022, the City had 19 active tax increment financing (TIF) districts. State law (the Tax Increment Financing Act, Texas Tax Code, Section 311.016, as amended) requires that the City Council, as the City's governing body submit an annual report on the status of each reinvestment zone it has created to the Chief Executive Officer of each taxing unit that levies taxes on real property in the zone, as well as the State Comptroller. On October 26, 2005, City Council authorized Ordinance No. 26147 establishing Tax Increment Financing Reinvestment Zone Number Thirteen (Grand Park South TIF District). On June 13, 2007, City Council authorized the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 26773.
The Grand Park South TIF District's assessed 2022 taxable value was $147,828,848.00. This represents an increase of $68,764,272.00 (87%) over the base years (2005 and 2021) value and an increase of $25,174,117.00 (20%) from the previous year. This increase will result in the collection of approximately $559,568.00 in total increment revenue for the Grand Park South TIF District for tax year 2022.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On October 26, 2005, City Council held a public hearing and auth...
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